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Posted on Jun 11, 2024

Suppose that on January 1 you have a balance of $3500 on a credit card whose APR is 12%, which you want to pay off

Suppose that on January 1 you have a balance of

$3500

on a credit card whose APR is

12%,

which you want to pay off in

years. Assume that you make no additional charges to the card after January 1.

a. Calculate your monthly payments.

b. When the card is paid off, how much will you have paid since January 1?

c. What percentage of your total payment (part b) is interest?

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